Iran sees 20% price hike in oil exports after sanctions lift, parliament speaker says

Iran's parliament speaker, Mohammad Bagher Ghalibaf, announced a significant shift in the country's oil trade, stating that sanctions have been lifted, enabling a 20% increase in export prices. He highlighted the country's robust oil exports since the maritime blockade was removed, shipping over 40 million barrels in less than two weeks.

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Oil sanctions have been lifted, and we are selling oil 20% more expensively.

Ghalibaf also detailed Iran's financial strategy, revealing that $12 billion of its $24 billion in foreign assets will be allocated for the purchase of essential goods. This move aims to stabilize the domestic market and ensure the availability of necessary items for the population.

Addressing tensions in the Strait of Hormuz, Ghalibaf asserted Iran's sovereign rights over the waterway, shared with Oman. He emphasized that passage through the strait is governed by Iranian regulations and that the country will not compromise its rights. He also called for increased security in the strait, suggesting that this should lead to lower insurance costs for ships.

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The sovereignty of the Strait of Hormuz belongs to Iran and Oman.

Ghalibaf reiterated Iran's stance on negotiations with the U.S., stating that talks will not commence unless five specific points of a previous agreement are implemented. He described the Islamabad Accord as a testament to U.S. defeat and mentioned ongoing efforts to secure a ceasefire in Lebanon following Israeli actions. Furthermore, he affirmed Iran's commitment to the Nuclear Non-Proliferation Treaty (NPT) and its right to uranium enrichment, expressing pride in the nation's missile capabilities which are not subject to negotiation.

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Uranium enrichment is our right.